Bucharest-based Bware Labs, which offers a blockchain API (application programming interface), has raised over €6M in a recent Series A to keep scaling their solution. This news follows their first investment from last year of almost €1M.
As the need for a more varied blockchain space keeps rising, Bware Labs aims to try and make blockchain as decentralized as possible, without it depending on centralized node operators. For this, they developed a multichain API platform that allows businesses and developers to work with different blockchains.
“Our unique positioning of performance-focused, decentralized API infrastructure provider, with an ever-growing supported blockchain list, has made us quite attractive for many big funds, tech projects, and other key builders in the space, as evidenced by the fact that our Series A investment round was, same as the seed round we closed in April 2021, heavily oversubscribed,” Anca Chirila, COO at Bware Labs, shared with The Recursive.
Bware Labs was founded almost a year ago by Flavian Manea as CEO, Alexandru Minulescu as CTO, Radu Enoiu as Product Manager, as well as Alexandru Catalin Filip, and Matei Popp. While the CEO has a background in robotics engineering, the CTO joined the project with his experience in computer science.
Anca shared that the inspiration for Bware Labs came from a downtime event back in 2020 when the big ecosystem players couldn’t transact on the market. This inspired them to create a resilient infrastructure, one that was supporting as many blockchains as possible, targeting the ecosystem to grow.
“While doing some research for this idea, we also noticed a lack of diversity in the current offerings on the market, meaning that only the bigger blockchains were supported, while developers on newer networks were left to figure out for themselves how to obtain API endpoints, an endeavor which can be either time-consuming or expensive, which we thought was a big hurdle and slowing down the development of web3,” she adds.
Their solution is subscription-based and supports around 12 blockchain networks. Anca shares that their goal is to minimize the latency in all blockchain API transactions, their protocol ensures high availability and reliability of all data, and their overall target is to lower costs.
What is next for the blockchain startup?
With their blockchain philosophy based on “decentralization, and sparing no effort to optimize performance, and reliability of their offerings”, the Bware Labs team has already released a free tool for users in need of an API to access different blockchain networks. The tool comes with some restrictions, and it can be used here.
“Even in this alpha stage, with the mentioned restrictions, we already have a number of successful projects using our tech for their day-to-day operations in production, which makes us very hopeful for the adoption of our product once we release a more-complete version,” Anca adds.
To keep developing their solution, they aim to increase the performance and the number of endpoints for every user. They will maintain the free tool, but also offer different subscription options that will cover development, operational, and analytics requirements for their endpoints.
Once these objectives have been met, they will release the decentralized node model. Then, third-party node operators will be able to onboard on their platform and earn rewards from the users’ subscription fees. In parallel, they will keep increasing their blockchain portfolio.